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The Golden Gang of Three/ by ANTONIO A. AMADOR / Regional Tax Director-Asia/Pacific, TRI How did three highly successful island economies in the western Pacific achieve their solid fiscal records? Taiwan, Singapore, and Hong Kong have been cited as having the best performing economies in a field of 85 countries. The U.S. ranked 25th in the survey, which covered the period from 1974 to 1981. Using the 1973 oil crisis as the starting point, Euromoney, an international financial monthly, employed a weighted formula of five variables: economic growth, rate of inflation, strength of SDR (special drawing rights) exchange, export growth, and balance of payments. While most countries blame the price of oil as the primary cause of sluggish economic growth, the front runners ironically have a common handicap-a lack of oil to fuel rapid industrial expansion. Other similarities among Taiwan, Singapore, and Hong Kong are superficial, the study said, and can easily be misleading. All are island economies that depend on manufacturing for export. The population in all three is ethnically Chinese. And all three have strong central governments. The similarities end there. The differences, in fact, far outweigh the similarities. Singapore is a sovereign republic, while Taiwan wants to assert a sovereignty that most of the world refuses to recognize. Hong Kong is a colony where people do not vote and are not interested in the vote. Government intervention in business is markedly strong in Taiwan, selectively assertive in Singapore, and comparatively weak in Hong Kong. Taiwan has a semblance of a primary economic base: agriculture. Both Singapore and Hong Kong have practically no such base. 49
Object Description
Title |
Golden gang of three |
Author |
Amador, Antonio A. |
Subject |
Taiwan -- Economic conditions Singapore -- Economic conditions Hong Kong -- Economic conditions |
Citation |
Tempo, Vol. 28, no. 1 (1982), p. 49-53 |
Date-Issued | 1982 |
Source | Originally published by: Touche Ross, & Co. |
Rights | Copyright and permission to republish held by: Deloitte |
Type | Text |
Format | PDF page image with corrected OCR scanned at 400 dpi |
Collection | Deloitte Digital Collection |
Digital Publisher | University of Mississippi Library. Accounting Collection |
Date-Digitally Created | 2010 |
Language | eng |
Identifier | Tempo_1982_Spring-p49-53 |